A Forbes compilation that ranks cities based on average median household income estimates from 2005 to 2009 as provided in the U.S. Census' American Community Survey released in December 2010, has identified the town of Westlake in Texas as the most affluent neighborhood in America.

Home to a number of CEOs and celebrities, some of the most well known among them being golfer Todd Hamilton, owner of baseball team Texas Rangers, Chuck Greenberg and pop group Jonas Brothers, the Dallas suburb has an average median household income of $250,000, whereas the overall average for the nation is $49,777.

The elite 703 residents of this Dallas suburb mostly live in rolling estates and even have a grass runway in the town for their personal aircraft. However, according to the Forbes report, even the Westlake municipality has been confronting fiscal challenges of late and has had to impose a property tax to replenish its reserves that were fast being eroded by falling sales tax revenue.

Second to Westlake in the study is the Village of Kenilworth, Ill., a Chicago suburb where the estimated median household income is $247,000. Even after the housing market crash, an average house in the Village sells for a million dollars. Mission Hills, Kansas, with median household income of $243,000, takes the third position.

Among regions, Long Island NY has the most number of affluent neighborhoods with the villages of Plandome, Hewlett Neck, Plandome Manor and Munsey Park in Nassau County being among the nation's richest, with estimated household median incomes ranging $234,000 and $242,000.